European Corporate Bond Markets Public Hearing 24 November 2017 European Commission Albert Borschette Congress Center (room 0D) Rue Froissart 36 1040 Brussels Belgium Banking and Finance
Purpose of the hearing Permit an exchange of views between policy authorities and stakeholders (issuers, investors, intermediaries and service providers) on the report and recommendations of the European Commission Expert Group on European Corporate Bond Markets.
8:00-9:00 Welcome coffee Opening speech 9:00-9:15 Sean Berrigan, Deputy Director-General of DG FISMA, European Commission Commission reactions to the Expert Group report and views on the way ahead Topic 1 How can corporate bond markets serve issuers and investors better? Which support functions should be enhanced to build an efficient corporate bond ecosystem? How can it be made easier for corporates, in particular small corporates, to issue corporate bonds? What could support investment in corporate bonds? Which key support functions would allow an efficient functioning of the corporate bond ecosystem? How can research and ratings help? Could passive investment strategies be an effective way for retail investors to achieve exposure to fixed income? How should one help develop national corporate bond markets that are still lagging behind? How should one tackle the fragmentation of European corporate bond markets and support an integration which would benefit both issuers and investors? 9:15-9:30 Presentation by the Expert Group of findings and recommendations Le Quang Tran Van, Director for Financial affairs, French Association of Large Companies (Afep)
Christoph Hock, Head of Multi-Asset Trading, Union Investment 9:30-10:30 Panel discussion Chair: Panellists: Josephine de Chazournes, Senior Policy Analyst, Celent Justin Wray, Head of the Insurance Policy Unit, EIOPA Antoine Nguyen, Corporate Finance & Markets Director, Veolia Frédéric Surry, Deputy Head of Equities at BNP Paribas Investment Management, Chair of EFAMA s Market Infrastructures and Trading Working Group Erik Rüttinger, Head of Credit Portfolio Management, MEAG (Munich Re group) 10:30-10:45 Presentation: Market and regulatory obstacles to private placement of debt in Europe Benjamin Desalm, Boston Consulting Group 10:45-11:00 Coffee break
Topic 2 Liquidity, transparency and stability of EU corporate bond markets What are the drivers behind the recent structural changes in intermediation and trading in corporate bond markets? Do post-crisis regulations aimed at enhancing financial stability take sufficient account of the importance of market-making/liquidity provision functions in corporate bond markets? What is the right level of transparency for corporate bond markets? Can electronic trading effectively substitute for reduced liquidity provision by market-makers? How can post-trade processes be made more efficient for this asset class? How can the supervisory and policy framework be improved to support corporate bond markets? 11:00-11:15 Presentation: Drivers of corporate bond market liquidity William Perraudin, Risk Control 11:15-11:30 Presentation by the Expert Group of findings and recommendations Scott Eaton, Chief Operating Officer, MarketAxess Ltd Hans Beyer, Managing Director, Skandinaviska Enskila Banken AB / Nordic Securities Association
11:30-12:30 Panel discussion Chair: Panellists: Lars Overby, Head of unit Credit, Market and Operational Risk Policy, EBA Steffen Kern, Chief Economist, ESMA Nadia Linciano, Head of Economic Research Unit, CONSOB Jonathan Moore, Managing Director, Co-Head of Credit products Fixed Income, Credit Suisse, Member of AFME s Board Christian Stiefmuller, Senior Policy Analyst, Finance Watch Luca Bagato, EuroTLX Head of Strategy Closing speeches 12:30-12:45 Martin Egan, Global Co-head of Primary and Credit Markets at BNP Paribas, Chair ICMA Board 12:45-13:00 Ulrich Bindseil, Director General of Market Operations, European Central Bank
European Commission DG Financial Stability, Financial Services and Capital Markets Union SPA2 - Pavillon Rue de Spa 2 / Spastraat 2 1000 Bruxelles / Brussel Belgium http://ec.europa.eu/dgs/finance European Union, 2017, cover photo: Fotolia Printed by OIB